Jamb Economics Past Questions and Answers

Question 1961:

• JAMB 2010

In perfect competition,price is determined by the

A. Government
B. Sellers
C. Buyers
D. Market

Question 1962:

• JAMB 2010

In order to reduce hardship faced by consumers due to high prices government can introduce

A. Maximum prices
B. Commodity boards
C. Minimum prices
D. Price control boards

Question 1963:

• JAMB 2010

Average product is less than marginal product when

A. There is constant returns to scale
B. There is increasing returns to scale
C. There is decreasing returns to scale
D. Diminishing returns set in

Question 1964:

• JAMB 2010

A firm enjoying economies of scale is said to be

A. Reducing average cost as production increases
B. Benefiting from the activities of other firms
C. Maximizing profits as production increases
D. Having an upward-sloping average cost curve

Question 1965:

• JAMB 2010

The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing

A. Increasing efficiency
B. Economies of scale
C. Diseconomies of scale
D. Increasing marginal returns